Packaging Segment is the Fastest-Growing for the PLA Market
Posted by Stephen Lobo on April 26th, 2023
Polylactic Acid (PLA) is a biodegradable and bioactive thermoplastic polymer that is derived from renewable sources such as corn starch, tapioca roots, or sugarcane. The PLA industry involves the production and sale of PLA resins, fibers, films, and other products.
The PLA industry has grown rapidly in recent years, driven by the increasing demand for eco-friendly and sustainable products in various industries such as packaging, textiles, automotive, electronics, and medical devices. The global polylactic acid (pla) market size is projected to grow from USD 1.0 billion in 2021 to USD 1.9 billion by 2026, at a CAGR of 12.2% between 2021 and 2026.
The demand for PLA is driven by several factors, including increasing consumer awareness of the environmental impact of traditional plastics, government regulations promoting the use of eco-friendly materials, and the growing need for sustainable and biodegradable packaging solutions.
Furthermore, the PLA industry's scope is expanding due to the development of new PLA-based products and applications, such as 3D printing filaments, disposable cutlery, and food packaging. The automotive industry is also exploring the use of PLA for lightweight and biodegradable interior components.
Polylactic Acid (PLA) Market Trending Key Players
The major players in the market include NatureWorks LLC (US), Total Corbion PLA (Netherlands), BASF SE (Germany), Futerro (Belgium), COFCO (China), Mitsubishi Chemicals Corporation (Japan), Danimer Scientific (US), UNITIKA LTD.(Japan), Evonik Industries (Germany), and TORAY INDUSTRIES, INC (Japan) are some of the leading players in the market. These players have adopted various growth strategies to expand their presence in the market further.
NatureWorks LLC is one of the leading manufacturer of PLA. The company has manufacturing plants in the North America, and Asia Pacific. In recent years, in recent years, NatureWorks LLC has adopted several business strategies to strengthen its position in the market.
Total Corbion PLA is one of the major player operating in PLA market. The company has manufacturing facilities in Asia Pacific, and planning to manufacture a new PLA production plant Europe which is expected to become operational by 2024.
"The packaging segment is estimated to be the fastest-growing end-use industry for PLA market"
The packaging segment is currently the fastest-growing end-use industry for the PLA market, driven by increasing demand for eco-friendly and sustainable packaging solutions. PLA-based packaging materials offer several advantages over traditional petroleum-based plastics, including biodegradability, compostability, and reduced carbon footprint.
The food and beverage industry is a significant driver of the growth of the PLA packaging market. PLA-based packaging is used for a wide range of food and beverage products, including fresh produce, bakery items, and ready-to-eat meals. The demand for PLA packaging is also increasing in the personal care and cosmetics industry, where it is used for packaging products such as shampoos, lotions, and soaps.
"The thermoforming grade segment is expected to lead the PLA market"
The thermoforming grade segment is expected to lead the PLA market in the coming years. Thermoforming is a process of heating a plastic sheet and forming it into a specific shape using a mold. Thermoforming grade PLA resins are used for the production of various thermoformed products, such as cups, trays, and containers.
Thermoforming grade PLA offers several advantages over traditional petroleum-based plastics, including lower carbon footprint, biodegradability, and compostability. Additionally, thermoforming grade PLA resins offer good clarity, stiffness, and toughness, making them suitable for a wide range of applications in the food and beverage, personal care, and medical industries.
The growing demand for eco-friendly and sustainable packaging solutions, coupled with increasing government regulations aimed at reducing the use of single-use plastics, is expected to drive the demand for thermoforming grade PLA in the coming years. Moreover, ongoing research and development efforts to improve the performance and cost-effectiveness of PLA-based materials are expected to further boost the growth of the thermoforming grade segment in the PLA market.
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Polylactic Acid (PLA) Market Regional Growth
The Asia Pacific region is home to some of the world's fastest-growing economies, including China, India, and Japan, which are significant consumers of PLA-based products.
The demand for PLA in the Asia Pacific region is driven by several factors, including the growing demand for sustainable and eco-friendly products, increasing government initiatives promoting the use of biodegradable materials, and the growing consumer awareness of the environmental impact of traditional plastics.
Moreover, the Asia Pacific region is also a major producer of PLA, with several companies investing in new production facilities and expanding their existing capacities. China, in particular, is a significant producer of PLA, accounting for a significant share of the global production capacity.
Europe is also expected to be a significant market for PLA, driven by increasing consumer awareness of environmental issues and the growing demand for sustainable and biodegradable products. The European Union has also implemented several regulations promoting the use of biodegradable plastics, which is expected to further boost the demand for PLA in the region.
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About the AuthorStephen Lobo
Joined: November 18th, 2022
Articles Posted: 135
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